The marine industry has specialised insurance needs due to its unique risks and complexities. With the ongoing changes in global trade dynamics and the growing demand for imported goods, marine businesses face both long-term growth opportunities and significant risks.
Commercial Hull Insurance provides crucial cover for vessel owners, operators, and charterers, protecting them against loss or damage to their vessels during operations.
Do I need Commerical Hull Insurance?
If you own, operate or charter a Commercial Watercraft, such as a Commercial Fishing boat, Workboat, Tug or Charter vessel, it is highly recommended that you have Commercial Hull Insurance (also known as Marine Hull Insurance).
You may also like to consider Protection and Indemnity Insurance, which provides coverage for third-party liabilities, including damage to other vessels, property, and injury to crew or passengers.
Request a quoteWhat does Commerical Hull Insurance cover?
A Commercial Hull Insurance policy helps provide essential protection for commercial vessels, ensuring they are covered against a wide range of risks. Standard cover typically includes Accidental Damage, protecting your vessel from unexpected incidents such as collisions, groundings, or extreme weather events.
Additional coverage options can also be included, such as:
- Machinery Breakdown Cover: Protection for damage to engines, boilers, shafts, and other mechanical components caused by accidental events.
- Crew Negligence Cover: Covers damage to the vessel resulting from actions by Masters, Officers, or Crew.
- Salvage and Recovery Costs:Covers expenses incurred if the vessel needs to be salvaged after an accident.
Every business operating commercial fishing boats, workboats, tugs, or charter vessels faces unique risks. That’s why working with a marine insurance broker ensures your policy is tailored to your specific needs.
Whilst many insurers will readily offer cover on their wordings, Coverforce can negotiate coverage on the internationally recognised, and market standard, Institute Clauses.
How Coverforce can help
At Coverforce, our experienced team of insurance brokers have a solid understanding of your industry and the risks you face every day when operating your commercial vessel. That’s why we will work hard to deliver sound risk management advice and smart insurance solutions that are tailored to meet your specific business needs and budget.
For more information or to arrange cover, please contact your local Coverforce Office.
Alternatively, you can simply fill out a Commercial Hull Insurance Quote form below and one of our insurance brokers will get in touch with you within one business day.
Request a quote
